Thanks again everyone for the replies. I want to clarify, I am a fan of bitcoin. I have been lightly following since 2010. I believe in blockchain technology as a big part of the future. My account is new because I do not remember my old one and I was not very active on it anyway. I will stand behind my reputation. I simply do not yet have one of any relevance. This is what I mean when I say I don't matter. I promise (and take this with any skepticism that you must) I'm not sponsored to say anything and I am thrilled that some of these ideas are so readily refuted. I would ask a follow up of how transaction fees grow to account for new growth as the network gets unfathomably large in a way that doesn't adversely effect transfer of value at that point. My understanding is that bitcoin is still small when relative to a global scale.

Quote from: Vod on Today at 09:45:35 AM

Quote from: Sazuru on February 18, 2021, 04:23:39 PM

Who I am is not important.

Correct, but your new account means you don't stand behind your reputation, but only behind this one subject. You could be sponsored or compensating for posting. What you say is not important in any relevant discussion.

Thank you for the Merits, I was looking for ways to show appreciation to others posts before. I think Mr. Hamilton's rebuttals show a promising path for these concerns eventually being resolved even if what I was saying was being misunderstood in some ways I look forward to following the development of transaction fees.

Quote from: Similificator on Today at 10:00:46 AM

Just sent you 2 merits. This is the tyoe of post that I like to read. As we can see, having that cap is truly both a solution and a problem. I too have been worrying about this for quite some time now. I really want to see poeple behind bitcoin saying what measures they have to take care of this problem to give people a feeling of ease. because unless they publish a good solution that can address this problem, more and more people will find out and more will be hesitant with this industry as a whole and not just with bitcoin since bitcoin clearly is the one carrying all the altcoins in this industry on its back.

Just for clarity, are some new users not also new miners and new miners healthy for the network as it grows? Do new miners not also bring more hash power? Am I fundamentally misunderstanding this?
I was clearly misspeaking on the doubling aspect and struggle to comprehend the sustainability of the transaction fees in the face of the growth that this technology will see and I would like to understand the built in solution or why one isn't needed.

Quote from: DannyHamilton on February 18, 2021, 08:26:35 PM

The mining difficulty does NOT double every 4 years. The mining difficulty increases AND decreases as a function of hashpower (or more specifically as a function of average time between blocks) to maintain an average rate of 10 minutes between blocks.

Quote from: Sazuru on February 18, 2021, 04:23:39 PM

and bitcoin becoming increasingly more difficult to mine based on user acquisition

User acquisition has absolutely nothing to do with mining difficulty. Mining difficulty increases if it takes less than 20160 minutes to mine 2016 blocks, and it decreeases if it takes more than 20160 minutes.